We keep hearing from our clients that they are worried about the bench strength of their organization. Who will move into key roles should the incumbent pursue other options or retire unexpectedly? Each time this happens chaos ensues and the chess pieces representing their human capital are shuffled (sometimes randomly) until the vacancies are filled. Universally, it is agreed that this approach to unexpected vacancies reduces productivity and can impact sales and profits.
This is avoidable! By putting in place a succession planning system, you can be aware and actively grooming your high potential players for their next role while increasing their level of engagement which is critical to retention especially among millennials. This may sound like something only big companies have the option to implement. However, small and mid-sized companies get a bigger benefit from implementing a succession planning system because they do not typically have excess resources to “fill the gap” when unexpected vacancies occur.
So, what is a succession planning system? It is an ongoing system that captures the willingness and readiness of your high potential people. It helps identify and nurture the future leaders of your organization. While succession planning is not very difficult, it requires an ongoing commitment to engage your team in identifying, evaluating and developing candidates who hold the potential to grow into more responsible roles. This activity should be formalized and scheduled for updating at least twice a year.
We can help you institute a succession planning process and can use our “High Potential to Ready Now” program to ensure that your team is ready to meet the challenge of unexpected vacancies with a minimum of lost revenue and profitability. We are here to help. Email info@transglobaldevelopment.com or call 917.930.0801 for a free consultation. You can also visit our website at www.transglobaldevelopment.com .